Kulalani at Mauna Lani is a residential condominium development located within the prestigious Mauna Lani Resort area on the Kohala Coast of the Big Island of Hawai'i. The project includes multiple two-story buildings featuring attached townhome-style units with high-end resort finishes, access to resort amenities, and proximity to world-class beaches, golf courses, and shopping. As of the current development status, four buildings within the project remain uncompleted and are being evaluated on a land residual basis: Building 12 consists of 6 units and is approximately 75% complete. The vertical structure is in place with the roof installed and demising walls constructed. Interior finishes such as flooring, kitchen and bathroom fixtures, as well as exterior landscaping, remain to be completed. The building contributes significantly to the current value due to its advanced stage of construction. Building 13 also comprises 6 units and has a completed concrete slab foundation. However, no vertical construction has begun. The existing slab is assigned no contributory value for valuation purposes, as it may not meet future structural requirements and could require removal or modification. Building 14 includes 4 units and is in the earliest physical development stage, with only batter boards and limited underground utilities installed. This preliminary groundwork is assigned no contributory value, as it provides minimal current utility or savings for future construction. Building 15 consists of 6 units and has no visible groundwork to date. However, the site is fully improved with access to utilities, roads, and overall development infrastructure, providing a foundation for future vertical construction. These remaining buildings represent a development opportunity within a successful resort project, with existing infrastructure and entitlements in place.